Excerpts from Books and Wikipedia
"He began with the need to raise revenue: new battleships had to be constructed; old age pensions, introduced in 1908, we're costing more than anticipated; and further provisions were needed to help the sick and unemployed. As a result, taxes would rise. Income tax would increase and a 'super-tax' on higher incomes was introduced. . . . It took to general elections in 1910 and a threat from the king to create many more peers, but the Lords eventually passed the budget and the new Parliament Act. The 'People's Budget' proved a landmark in the growth of the welfare state and in the evolution of the British constitution." [Furtado: 1001 Days]